PNC Infratech Ltd (BOM:539150)

Q2 2026 PNC Infratech Ltd Earnings Call Transcript

Nov 13, 2025 / 09:30AM GMT

Release Date Price: ₹279.55 (-0.68%)

Transcript

Key Points

Positve

PNC Infratech Ltd (BOM:539150) received an early completion bonus of INR5.08 crore for the Mathura 1B project.
The company secured three Letters of Award in Q2 FY26, including projects from Bihar State Road Development Corporation, Airports Authority of India, and NHPC.
Credit ratings for four of the company's subsidiaries were significantly upgraded, indicating improved financial health.
The company's unexecuted order book stands at over INR20,000 crore, providing strong future revenue visibility.
Consolidated EBITDA margin for Q2 FY26 was 22.4%, reflecting strong operational efficiency.

Negative

Revenue for the first half of FY26 was down 36% year-over-year, primarily due to delayed appointed dates for major HAM projects.
The company revised its revenue growth guidance for FY26 from 15-20% to 5% due to project delays and subdued awarding activity by NHAI.
Receivables from the Jal Jeevan Mission project remain high at INR800 crore, indicating potential cash flow challenges.
The appointed date for the MPRDC HAM project is still pending due to land and alignment issues, causing uncertainty in project execution.
The company faces challenges in achieving its revised revenue target, requiring significant execution in the second half of FY26.

Operator

Ladies and gentlemen, good day, and welcome to the PNC Infratech Limited Q2 FY26 earnings conference call, hosted by PhillipCapital India Private Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call.

These statements are not -- guarantees of future performance and involve risks and uncertainties that are difficult to predict. (Operator Instructions)

Please note that this conference is being recorded.

I now hand the conference over to Mr. Vikram Suryavanshi. Thank you, and over to you, sir.

Vikram Suryavanshi;India;Pvt Ltd;Analyst

PhillipCapital

()-

Thank you, Anushka. Good afternoon, and a very warm welcome to everyone. On behalf of PhillipCapital, I'm pleased to welcome you all on the PNC Infratech Limited second quarter FY26 earnings call.

We have with us Managing Director of the company, Mr. Yogesh Jain, along with Mr. D.K. Agarwal, Chief

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